Many Austinites live in Austin to save money. That’s because not every city in the U.S. offers workers the best environment for saving. While some cities are home to employers that offer higher-than-average wages, those same metros may have a comparably high cost of living that neutralizes the benefit of increased pay. On the other side of the savings-spectrum, many affordable cities are in the red when it comes to entertainment.
Live in Austin and Save Money
To help those who are looking for the best living conditions for saving money, GoBankingRates recently analysed the cost-to-living factors of major U.S. cities to determine which were the best for saving money. Austin ranked number twelve on the list of best U.S. cities to live to save money.
To develop the list, GOBankingRates considered the factors that tend to affect personal finance the most. Their list of factors include median income, median home listing price, median rent, unemployment rate, average gas price and average cost of a basket of 15 common grocery items. Most of the cities on the list of best cities to save money are in the South and Midwest.
According to Kristen Bonner, the GOBankingRates research lead for the study, inexpensive housing had the strongest effect on pushing Southern and mid-western cities to the top of the most affordable list. “Gas prices are also relatively cheaper in the South and Midwest compared to the states on the West and East coasts,” said Bonner. Not only do those who live in Austin pay less for essentials such as fuel and food, but they also pay less for entertainment.
Benefits of Living in Austin
Austin – a city which has often been at the top of “Best of” lists over the last few years – made the number twelve spot. Not only does Austin offer a hearty supply of high-paying jobs (the median income in Austin is higher than that of the national median), but it also has a low cost of living. Additionally, the live music capital of the world is home to numerous music festivals and live music venues, a variety of outdoor activities as well as a wide selection of dining options.
Those who live in Austin not only have access to some of the highest-paying jobs on the market, but also to a low cost of living that will allow you to save up while enjoying the benefits of living in a hip, dynamic city.
Check out some of the Austin statistics cited in the GOBakingRates report:
12. Austin, Texas
- Population: 912,791
- Median income: $55,216
- Unemployment rate: 3.1%
- Median home listing price: $359,000
- Median monthly rent: $1,480
- Average gas price: $1.557
- Average cost of groceries: $30.91
- Sales tax: 8.25%
Read more about Austin here.